I learned it in 2 different positions at first to see which one sounded better, but I usually play the B5 & the lick down on the 2nd/4th frets. I like the feel of it better there, and it leads nicely into the walk-up that I was doing:

You haven't figured out what VW was doing for that intro lick, have you? What I'm referring to is the lick he does over the B5 chord that leads right into Jerry's lick...I have been trying to figure it out on guitar and am having a rough time of it.